04:05 APAC
Asia Briefing from Dezan Shira & Associates
Singapore Singapore’s Budget 2025 outlines a comprehensive plan to bolster the nation’s economy amidst global uncertainties. The government allocated a record S$143.1 billion for the fiscal year, up from S$134.2 billion in 2024, focusing on supporting businesses, upskilling the workforce, and fostering innovation. Notable changes include the introduction of a 50 per cent
corporate income tax rebate for the Year of Assessment 2025, tax incentives for fund managers who invest substantially in local equities and a new tax deduction for cost-sharing agreements. The Progressive Wage Credit Scheme has been enhanced to support wage growth for lower- income workers and a new tax deduction has been introduced for equity-based remuneration schemes. ASEAN Briefing has further details.
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GLOBAL PAYROLL MAGAZINE ISSUE 9
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